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Test your financial accounting knowledge on IAS 41

How will a bearer plant, such as an apple tree, be accounted for in an entity’s statement of financial position?

A. At cost in accordance with IAS 16 Property, Plant and equipment

B. At fair value less costs to sell in accordance with IAS 41 Agriculture

C. At cost in accordance with IAS 2 Inventories

D. At fair value in accordance with IAS 40 Investment Property

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